Kate Berry

A former senior advisor at the Federal Reserve Board was arrested and charged with economic espionage for conspiring to steal trade secrets and sell them to China for $450,000.

Treasury Secretary Scott Bessent, who was named to be acting director of the Consumer Financial Protection Bureau, has told the agency's staff to put a halt to all rules, enforcement actions and hiring.

The president has named Treasury Secretary Scott Bessent to run the Consumer Financial Protection Bureau on an acting basis after firing CFPB Director Rohit Chopra over the weekend.

The Trump administration's Office of Personnel Management sent a memo of frequently asked questions encouraging civil servants to go on vacation and even take a second job, which in some instances is contrary to longstanding agency conflict-of-interest rules.

Money remittance provider Wise said it "strongly disagrees" with the Consumer Financial Protection Bureau's characterization that it advertised inaccurate fees and did not properly disclose exchange rates.

The National Treasury Employees Union told employees not to respond to the mass email asking federal workers to resign. The chief of staff at the Consumer Financial Protection Bureau said it is reviewing the directive.

Synchrony Financial's fourth-quarter earnings results missed analysts' forecasts and investors pummeled the stock due to a jump in charge-offs.

Experts say the Trump administration is waiting for Scott Bessent to be confirmed as treasury secretary and for other appointees to clear the Senate before naming acting heads at federal banking agencies.

The Consumer Financial Protection Bureau found that auto lenders' use of reposession agents spiked to nearly 70% in 2022, up from 31% in 2018, resulting in higher costs for consumers.

The New York Department of Financial Services has proposed several changes to overdraft fees including banning banks from charging more than three overdraft or nonsufficient funds fees per consumer per day.

A one-page outline of priorities for Trump's inauguration day obtained American Banker includes financial policy items, including firing Consumer Financial Protection Bureau Director Rohit Chopra, issuing a "reset" of that agency and designating crypto as a "national priority."

The Consumer Financial Protection Bureau said American Honda Finance Corp. inaccurately reported 300,000 borrowers as delinquent who had paused loan payments during the pandemic.

Equifax agreed to resolve allegations that it failed to conduct proper investigations of consumer disputes, ignored evidence and allowed previously deleted inaccuracies to be reinstated on credit reports. The credit reporting bureau also shared inaccurate credit scores and data about consumers with lenders.

The Consumer Financial Protection Bureau rescinded a proposed rule on nonsufficient funds fees and a 2020 advisory opinion on earned wage access products.

Cash App's parent company Block failed to investigate fraud and unauthorized transactions, and refused to refund customers, the Consumer Financial Protection Bureau said.

The incoming Trump administration's 'agency review team' has landed and is expected to name an acting director of the Consumer Financial Protection Bureau. Republicans on the Federal Deposit Insurance Corp. or the Federal Trade Commission are among the most likely candidates.

The Consumer Financial Protection Bureau released recommendations on how states can beef up enforcement after the Trump administration takes office next week.

The Consumer Financial Protection Bureau issued a proposed rule that would protect consumers from abusive contract provisions modeled on the Federal Trade Commission's credit-practices rule.

The Consumer Financial Protection Bureau's research found that the majority of buy now/pay later users are subprime borrowers, holding high credit card balances and multiple loans, suggesting the offering is riskier to lenders than previously assumed.

The Consumer Financial Protection Bureau issued separate policy statements on "sandbox approvals" and no-action letters for fintechs — measures whose longevity is questionable with the incoming Trump administration.